Indonesia to pull out of OPEC

Indonesia to pull out of Opec

By John Aglionby in Jakarta

Published: May 28 2008 08:50 | Last updated: May 28 2008 11:21

Indonesia on Wednesday said it would withdraw from Opec at the end of this year because, as a net oil importer, its interests were no longer served by being a member of the oil producers’ cartel.

Purnomo Yusgiantoro, energy and mineral resources minister, said Indonesia – the cartel’s only Asian member – would like world oil prices to fall while Opec’s 12 other members would like prices to remain high.

- rest at www.ft.com/cms/s/0/d0e346fe-2c87-11dd-88c6-000077b07658.html?nclick_check=1

 

Any recommendations from others who have registered at this site?
Thanks.

Ken, it looks interesting.

 

Here's another source on the story where you don't have to register.

Question? Could this be good news for the US - I mean, would it be possible for us to negotiate with Indonesia and bypass OPEC, would that be feasible? Thoughts??

http://afp.google.com/article/ALeqM5gz4PPNcpc_6lxKoAp96Zn_3JXo6Q

 

Thank you LE for providing that link.

I'm still puzzled ......or maybe too tired to decifer it.... but it sounds like Indonesia has oil .....but it's citizens are hurting due to prices .....the leaders are complaining about production? Does OPEC control the refineries? Does it act like a 'middle man' through which oil is distributed..... so that one nation may be 'punished' or 'materially rewarded' by control or 'allowance' of its petro to the market?

May be someone has more information or understanding.